Legal/Regulatory

CYBER INSURANCE REQUIREMENTS IN COMMERCIAL CONTRACTS: GETTING IT RIGHT

Cyber incidents have the capacity to cause many different types of loss.  Insurance coverage exists for at least some aspects of cyber risks in the UK market.  However, given the range and diversity of risks that may arise, there are … Continue reading

Leave a Comment

Filed under Legal/Regulatory, Policyholders

PRA proposes reforms to Solvency II regime

This article was first published on Thomson Reuters Regulatory Intelligence. The PRA has published the first of three consultation papers (CP21/17) on reforming the Solvency II regime. The consultation reflects PRA experience of working with Solvency II since its introduction in … Continue reading

Leave a Comment

Filed under Insurers, Legal/Regulatory

EXTENDING THE SENIOR MANAGERS AND CERTIFICATION REGIME TO INSURERS

The UK Senior Managers and Certification Regime (SMCR) is being extended to all financial services firms during 2018. PRA and FCA proposals applying to insurers build on the Senior Insurance Managers Regime (SIMR) although the transition to the SMCR is … Continue reading

Leave a Comment

Filed under At a Glance, Insurers, Legal/Regulatory

Brexit and cross-border insurance contracts

On 14 September 2017, the UK Parliament published a letter from Nicky Morgan, Chair of the Treasury Committee, to Philip Hammond, Chancellor of the Exchequer, on insurers’ ability, post-Brexit, to service insurance contracts sold under passporting arrangements with a duration that … Continue reading

Leave a Comment

Filed under Insurers, Legal/Regulatory

LEGISLATING FOR THE UK’S WITHDRAWAL FROM THE EU

The European Union (Withdrawal) Bill was published by the Government in July 2017 and is the key piece of UK domestic legislation that will implement Brexit. Repeal of the European Communities Act: The principal purpose of the Bill is to … Continue reading

Leave a Comment

Filed under Insurers, Intermediaries, Legal/Regulatory

FCA CONSULTS ON EXTENDING THE SMCR TO INSURANCE INTERMEDIARIES

The FCA has published proposals to extend the Senior Managers and Certification Regime (SMCR), which already applies to banks, to other financial services firms.  The new rules, which are designed to make individuals more accountable for their actions, will affect … Continue reading

Leave a Comment

Filed under At a Glance, Intermediaries, Legal/Regulatory

PRA adopts questionable approach to regulatory compliance

Recent comments made by Sam Woods, CEO of the PRA, about the PRA’s approach to supervision are worrying.  A speech prepared for this year’s Building Societies Annual Conference (but not actually delivered) is relevant to all authorised firms, not just … Continue reading

Leave a Comment

Filed under Insurers, Legal/Regulatory

FCA Guidance Consultation paper GC17/5 “Proposed guidance on the FCA’s approach to the review of Part VII insurance business transfers”

In May 2017, the FCA published a guidance consultation paper (GC17/5) entitled “Proposed guidance on the FCA’s approach to the review of Part VII insurance business transfers”. The draft guidance in this document sets out the FCA’s approach to reviewing … Continue reading

Leave a Comment

Filed under Insurers, Legal/Regulatory

EIOPA opinion on supervisory convergence in light of the UK withdrawing from the EU

The European Insurance and Occupational Pensions Authority (EIOPA) has published an opinion on supervisory convergence in light of the UK withdrawing from the EU.

Leave a Comment

Filed under Insurers, Legal/Regulatory

New Insurance Authority in Hong Kong begins regulation of insurers with enhanced powers

With effect from 26 June 2017, Hong Kong’s independent Insurance Authority (“IA”) assumed its regulatory responsibilities and replaced the Office of the Commissioner of Insurance (“OCI”) in regulating insurers. The IA will be a much more powerful regulator than its predecessor, with … Continue reading

Leave a Comment

Filed under Insurers, Legal/Regulatory